Fonterra hails land sale ruling
Fonterra has welcomed the Government’s new directive to the Overseas Investment Office as a practical move towards finding a balanced approach to foreign investment in pastoral land.
Fonterra chairman Sir Henry van der Heyden said Fonterra recognised the benefits of foreign investment but was concerned to ensure that New Zealand’s pastoral land was treated as a key strategic asset.
‘‘Strong dairying returns form an economic backbone for New Zealand and we should recognise pastoral land and dairying as key strategic assets.’’
‘‘The new directive tests the potential economic loss to New Zealand resulting from large tracts of pastoral land being sold to foreign buyers,’’ said Sir Henry.